Mike Ashley and Amanda Staveley remain talks over the sale of Newcastle United via their solicitors.

The Chronicle understands that the opening bid from PCP Capital Partners was a structured offer which would eventually be worth around £300million.

And it is believed that the opening offer contained some clauses, such as a reduced price if the club were relegated with the lower offer than Ashley’s valuation - thought to be around £400million - reflected by the club’s ongoing HMRC investigation, which could see the club hit by financial penalties next year.

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Newcastle United takeover is off

What is clear is that Ashley is still thought to be receptive to leaving the club by the time the festive period comes around.

If Ashley was to stay on at St James’ Park he is facing a difficult January transfer window with the club already notifying Rafa Benitez there are limited funds to spend - believed to be enough for just new signing - and Premier League safety by no means guaranteed.

With supporters desperate for a change in ownership, Ashley has the chance to walk away from St James’ Park with the club a stable position in the Premier League table.